It is of course possible that you are confronted with a setback: The car breaks down, the costs of a renovation are more expensive or an expensive device fails. Then there may be a need for extra financial space. Borrowing money can be a solution here. If you want to borrow extra money, temporarily or otherwise, there are a number of things that may be of interest to you.
Financial space by being (more) red at your bank?
This is one of the most obvious solutions. In this way you quickly have extra financial space at your own trusted bank. Borrowing this extra money is an expensive solution. The interest that you pay on a red balance at the bank is much more expensive than the interest of, for example, a revolving credit. In addition, a red balance is often used for amounts up to € 5,000.
Do you temporarily need extra money?
If you need extra money temporarily, being at the bank can offer a solution. What matters is knowing what you need the money for. This concerns the purchase of a product with a certain lifespan, for example a car. Then the Personal loan is a good solution. The interest is generally lower than with a red balance and you will not be tempted to withdraw extra money. You can also adjust the duration of the personal loan to the expected life of the car.
What is the cheapest solution for the extra financial space?
That is difficult to say in advance because every situation is different. As soon as you need the money for a longer period or if it concerns a high amount, the Personal loan and the Revolving credit are often the cheapest options. With the help of the different calculation modules on our site, you can compare and calculate yourself at your leisure. View our calculation modules here.
Do you want to transfer your current loan with extra money or not?
Our experience shows that transferring or merging existing loans is often cheaper. This is due to the current falling interest rates, but also because banks apply a lower interest rate for higher amounts. For example, the interest for borrowing an amount of 25,000 euros is lower than the interest of 15,000 euros.
Are you curious about what interest rate you can borrow extra money from CreditPorterified? Request a free quote without obligation. You will then receive the quotation from us by email.